Document Retention and Destruction Policy

The OASIS Document Retention and Destruction Policy addresses the retention and destruction of records pertaining to corporate governance, corporate finance and operations, correspondence and records relating to member contributions to the creation of specifications and standards. Where there may be discrepancies (ex: correspondence relevant to a standard) the longer of the two retention periods shall apply.

The definitive official copy of documents stored as paper are stored in the headquarters office. Documents stored in electronic or digital form will be maintained on servers or devices under the control of OASIS.

Documents under the control of OASIS in whatever form shall be retained according to the Record Retention Schedule. Destruction shall mean any of deletion, recycling, or discard. Secure destruction shall mean any of incineration, shredding, or secure erasure as appropriate to the storage media type. OASIS may or may not destroy or securely destroy non-definitive or duplicate copies at any time.

OASIS management will, under guidance of OASIS counsel, circulate staff communications directing the suspension of any destruction of paper or electronic documents when appropriate, relevant to any ongoing or anticipated government investigations, proceedings, or litigation or when OASIS has received a mandatory order to produce information. Thereafter, routine document destruction can only resume with approval of OASIS counsel.

This policy will be executed by OASIS staff under the responsibility of the Executive Director as s/he instructs.

A one time review of all document types will be conducted before March 2011 in order to identify those (sets of) records that should already be destroyed.





OASIS Open Record Retention Schedule

"Indefinite" means that records are never destroyed and that measures are in place to avoid accidental or attempted deliberate destruction.

"x Years" means that records MAY be destroyed x years after the most recent modification or amendment to the record and SHOULD be destroyed as soon thereafter as is administratively feasible.

All references refer to records maintained by OASIS in contrast to copies of those records that may be retained by a third party.

DOCUMENT CATEGORIES
  DOCUMENTS PERIOD OF RETENTION SECURE DESTRUCTION
CORPORATE GOVERNANCE
  ARTICLES OF INCORPORATION INDEFINITE  
  IRS FORM 1023 AND LETTER OF DETERMINATION INDEFINITE  
  BYLAWS, CHARTER, MINUTE BOOKS INDEFINITE  
  BOARD POLICIES INDEFINITE  
  BOARD MEETING MINUTES AND RESOLUTIONS INDEFINITE  
  LEGAL AND TAX CORRESPONDENCE INDEFINITE  
  COPYRIGHTS, PATENTS, TRADEMARK REGISTRATIONS INDEFINITE  
  DEEDS, MORTGAGES, AND EASEMENTS IN FORCE INDEFINITE  
  MEMORANDUM OF UNDERSTANDING INDEFINITE  
AUDIT / TAX
  IRS FORM 990 INDEFINITE  
  ANNUAL TAX FILINGS (STATE AND OTHER REQUIRED FILINGS) INDEFINITE  
  TAX RETURNS AND WORKING PAPERS INDEFINITE  
  AUDIT REPORT AND FINANCIAL STATEMENTS INDEFINITE  
  MONTHLY OPERATIONS REPORTS INDEFINITE  
  IRS FORM 1099 (FEES PAID TO PROFESSIONALS) 7 YEARS REQUIRED
  W-2 STATEMENTS, PAYROLL TAX RETURNS 7 YEARS REQUIRED
FINANCIAL RECORDS
  CHART OF ACCOUNTS INDEFINITE  
  ACCOUNTING POLICIES AND PROCEDURES INDEFINITE  
  GENERAL LEDGERS AND JOURNAL ENTRIES INDEFINITE  
  ANNUAL TRIAL BALANCES INDEFINITE  
  CAPITAL STOCK AND BOND RECORDS INDEFINITE  
  CHECKS FOR TAXES, CAPITAL PURCHASES. IMPORTANT CONTRACTS INDEFINITE  
  DEPRECIATION SCHEDULES INDEFINITE  
  CONTRACTS AND AGREEMENTS IN FORCE INDEFINITE  
  ADMINISTAFF CONTRACTS & RENEWALS INDEFINITE  
  SPONSORSHIP AND FOCUS AREA AGREEMENTS 7 YEARS  
  EXPIRED CONTRACTS AND AGREEMENTS 7 YEARS  
  INSURANCE POLICIES INDEFINITE  
  INSURANCE RECORDS: ACCIDENTS, CLAIMS, ETC. INDEFINITE  
  DONATIONS AND DONOR ACKNOWLEDGEMENTS INDEFINITE  
ACCOUNTING RECORDS
  PAYROLL REGISTERS INDEFINITE  
  ACCOUNTS PAYABLES LEDGERS 7 YEARS  
  VOUCHERS FOR PAYMENTS TO VENDORS, EMPLOYEES, ETC. 7 YEARS  
  VENDOR CONTRACTS 7 YEARS  
  PURCHASING CORRESPONDENCE, PURCHASE ORDERS 7 YEARS  
  EXPENSE REPORTS 7 YEARS  
  CREDIT CARD RECEIPTS 3 YEARS  
  ACCOUNTS RECEIVABLES LEDGERS 7 YEARS  
  INVOICES AND OTHER SALES RECORDS 7 YEARS  
  CASH RECEIPT RECORDS 7 YEARS  
  DEPOSIT SLIPS / CANCELLED CHECKS 7 YEARS  
  CHECKS OTHER THAN THOSE DESCRIBED ABOVE 7 YEARS  
  BANK RECONCILIATIONS 3 YEARS  
  BANK STATEMENTS 10 YEARS  
PERSONNEL INFORMATION
  EMPLOYEE HANDBOOK INDEFINITE  
  EMPLOYEE OFFER LETTERS INDEFINITE  
  EMPLOYEE PERSONNEL FILES 7 YEARS REQUIRED
  JOB APPLICATIONS & Pre-employment Background Checks 3 YEARS REQUIRED
  PERSONNEL FILES, TERMINATED 7 YRS AFTER TERMINATION REQUIRED
  PAYROLL RECORDS, TIMESHEETS 7 YEARS REQUIRED
  EMPLOYEE PERFORMANCE REVIEWS, DOCUMENTATION 7 YEARS REQUIRED
  JOB DESCRIPTIONS AND SALARY RANGES 7 YEARS REQUIRED
  EMPLOYEE WITHHOLDING TAX STATEMENTS 7 YEARS REQUIRED
  EMPLOYEE DISABILITY BENEFITS RECORDS 7 YEARS REQUIRED
  EMPLOYEE BENEFIT ENROLLMENTS 7 YEARS REQUIRED
  WORKMANS COMPENSATION RECORDS 7 YEARS REQUIRED
MANAGEMENT PLANS AND PROCEDURES
  STRATEGIC PLANS 7 YEARS  
  DISASTER RECOVER PLANS 7 YEARS  
GENERAL
  GENERAL CORRESPONDENCE inc EMAIL 2 YEARS  
  REQUISITIONS 2 YEARS  
TECHNICAL COMMITTEE RECORDS
  MEMBERSHIP AGREEMENTS INDEFINITE  
  MEMBER PARTICIPATION RECORDS INDEFINITE  
  EMAIL INDEFINITE  
  DOCUMENTS INDEFINITE  
  MEETING MINUTES INDEFINITE  
  APPROVED STANDARDS INDEFINITE  
  VOTING RECORDS INDEFINITE  
  PUBLIC COMMENTS INDEFINITE  
  IPR DECLARATIONS & STATEMENTS INDEFINITE  
Dates
Approved: 
Wed, 2011-02-02
Effective: 
Wed, 2011-02-02